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2009 interim financial statements - Financial statements

- Key figures
- Consolidated income statement
- Consolidated balance sheet
- Consolidated cash flow statement

Key figures
in € millions
	1^st half 2009	1^st half 2008^(*)	12 months 2008
REVENUE	15,391.1	15,951.5	33,930.3
of which:
Revenue excluding construction by third parties of new infrastructure under concession	14,154.7	15,715.7	33,457.8
Revenue realised by concession operators for the construction of new infrastructure by third parties	236.5	235.8	472.5
Revenue outside France	5,743.8	5,666.1	12,571.9
% of revenue	37.3%	35.5%	37.1%
Operating profit from ordinary activities	1,357.8	1 462.1	3 377.8
% of revenue ()	9.0%	9.3%	10.1%
Operating profit	1,356.2	1,432.4	3,275.9
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	690.1	732.7	1,591.4
Earnings per share (in €)	1.44	1.56	3.39
Diluted earnings per share (in €)	1.42	1.52	3.30
Dividend per share (in €)			1.62
Equity including minority interest	9,732.9	8,508.0	9,025.8
Net financial debt	(15,701.2)	(16,696.8)	(15,370.8)
Net financial debt excluding project finance	(14,676.3)	(16,079.8)	(14,410.8)
CASH FLOWS FROM OPERATIONS	2,147.2	2,178.7	4,871.8
Net investments in operating assets	(441.9)	(473.0)	(897.3)
Investments in concession assets and PPP contracts	(585.3)	(531.5)	(1,217.9)
Net financial investments^(***)	(47.9)	(146.0)	(277.9)

(*) See change of accounting policies applied at 31 December 2008 (see Notes B.1.3.1 "IFRIC 12: accounting for concession agreements" and B.1.3.2 "Accounting for loans at below-market rate of interest").
(**) Percentage calculated using revenue excluding the construction of new infrastructure under concession.
(***) Including net cash of companies acquired or sold.

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Consolidated income statement
(in € millions)
Earnings per share from continuing operations
	1^st half 2009	1^st half 2008^(*)	12 months 2008
REVENUE	15,391.1	15,951.5	33,930.3
of which :
Revenue excluding construction by third parties of new infrastructure under concession	15,154.7	15,715.7	33,457.8
Revenue realised by concession operators for the construction of new infrastructure by third parties	236.5	235.8	472.5
Revenue from ancillary activities	100.3	92.2	216.1
Operating expenses	(14,133.7)	(14,581.6)	(30,768.7)
Operating profit from ordinary activities	1,357.8	1 462.1	3,377.8
Share-based payment expense (IFRS 2)	(18.6)	(39.6)	(103.5)
Goodwill impairment expense			(22.2)
Profit/(loss) of associates	17.0	9.9	23.8
OPERATING PROFIT	1,356.2	1,432.4	3,275.9
Cost of gross financial debt	(434.9)	(480.7)	(1, 043.2)
Financial income from cash management investments	55.4	85.6	179.8
Cost of net financial debt	(379.5)	(395.1)	(863.3)
Other financial income	115.0	142.5	256.0
Other financial expenses	(57.8)	(28.9)	(199.0)
Income tax expense	(294.6)	(356.5)	(770.5)
Net profit from discontinued operations	739.2	794.4	1,699.1
Net profit after tax from discontinued operations (halted or sold)
NET PROFIT for the period	739.2	794.4	1,699.1
Minority interest	49.2	61.8	107.7
NET PROFIT ATTRIBUTABLE TO EQUITY HOLDERS OF THE PARENT	690.1	732.7	1,591.4

Earnings per share (in €)	1.44	1.56	3.39
Diluted earnings per share (in €)	1.42	1.52	3.30

Earnings per share to equity holder of the parent
Earnings per share (in €)	1.44	1.56	3.39
Diluted earnings per share (in €)	1.42	1.52	3.30

(*) See change of accounting policy applied at 31 December 2008 (see Note B.1.3.1 "IFRIC 12: accounting for concession agreements").

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Consolidated balance sheet
(in € millions)
ASSETS	30/06/2009	30/06/2008^(*)	31/12/2008
Non-current assets
Concession intangible assets	24,136.6	23,913.5	24,059.2
Goodwill	3,634.0	3,460.9	3, 578.9
Other intangible assets	189.0	153.9	177.3
Property, plant and equipment	4,713.6	4,386.0	4,582.9
Investment property	45.2	45.0	42.8
Investments in associates	210.3	183.2	165.9
Other non-current financial assets	696.4	608.9	622.4
Deferred tax assets	136.1	98.6	143.8
Total non-current assets	33,761.1	32,849.9	33,373.2
Current assets
Inventories and work in progress	887.6	868.4	786.4
Trade and other operating receivables	11,698.2	12,199.3	11,561.5
Other current assets	370.0	345.8	325.6
Current tax assets	59.5	61.6	91.5
Other current financial assets	316.0	350.1	246.9
Cash management financial assets	898.5	604.3	338.6
Cash and cash equivalents	4,980.7	4,238.9	5,068.5
Total current assets (before assets held for sale)	19,210.6	18,668.5	18,419.0
Assets related to discontinued activities and other assets held for sale		5.4
Total current assets	19,210.6	18,673.8	18,419.0
TOTAL ASSETS	52,971.1	51,523.7	51,792.2

Equity and liabilities	30/06/2009	30/06/2008^(*)	31/12/2008
Equity
Share capital	1,288.9	1,234.1	1,240.4
Share premium	5,642.9	5,077.8	5,162.7
Treasury shares	(1,125.8)	(1,301.4)	(1 247.5)
Other equity instruments	490.6	490.6	490.6
Consolidated reserves	2,348.7	1,666.6	1,436.1
Currency translation reserves	(78.0)	(47.7)	(113.6)
Net profit for the period attributable to equity holders of the parent	690.1	732.7	1 591.4
Net income recognised directly in equity	(154.7)	53.3	(139.7)
Equity attributable to equity holders of the parent	9,102.7	7,905.9	8,420.5
Minority interest	630.2	602.0	605.3
Total equity	9,732.9	8,508.0	9,025.8
Non-current liabilities
Non-current provisions	927.0	958.6	905.3
Bonds	5,109.3	5,130.0	3,958.7
Other loans and borrowings	12,896.9	13,286.7	13,813.6
Other non-current liabilities	116.2	83.9	114.2
Deferred tax liabilities	2,436.9	2,306.5	2,478.5
Total non-current liabilities	21,486.3	21,765.8	21,270.4
Current liabilities
Current provisions	2,617.6	2,422.5	2,672.4
Trade payables	6,284.7	6,983.5	6,803.8
Other current payables	9,671.6	8,148.3	8,574.0
Current tax payables	216.4	173.9	123.7
Current borrowings	3,962.2	3,520.5	3,322.0
Total current liabilities (before liabilities held for sale)	21,752.5	21,248.6	21,495.9
Liabilities related to discontinued activities and other liabilities held for sale		1.3
Total current liabilities	21,752.5	21,250.0	21,495.9
TOTAL EQUITY AND LIABILITIES	52,971.7	51,523.7	51,792.2

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Consolidated cash flow statement
(in € millions)
	30/06/2009	30/06/2008^(*)	31/12/2008
Net profit for the period (including minority interest)	739.2	794.4	1,699.1
Depreciation and amortisation	883.2	841.3	1,730.1
Net increase/(decrease) in provisions	13.9	(47.4)	(83.5)
Share-based payments (IFRS 2) and other restatements	(41.9)	5.2	57.0
Gain/(loss) on disposals	(29.1)	(41.4)	(102.0)
Change in fair value of financial instruments	6.1	(36.7)	111.8
Share of profit/(loss) of associates. dividends received from unconsolidated entities and profit/(loss) of operations classified as held for sale	(28.2)	(22.7)	(38.7)
Capitalised borrowing costs	(70.2)	(65.5)	(135.9)
Cost of net financial debt recognised	379.5	395.1	863.3
Current and deferred tax expense recognised	294.6	356.5	770.5
Cash flows (used in)/from operations before tax and financing costs	2,147.2	2,178.7	4,871.8
Changes in working capital requirement and current provisions	(757.0)	(389.8)	733.0
Income taxes paid	(205.5)	(349.4)	(582.4)
Net interest paid	(470.5)	(463.3)	(881.4)
NET CASH FLOWS (USED IN)/FROM OPERATING ACTIVITIES - I	714.2	976.1	4,140.9
Purchases of property. plant and equipment. and intangible assets	(481.2)	(510.0)	(992.8)
Proceeds from sales of property, plant and equipment, and intangible assets	39.3	37.0	95.4
Net investments in operating assets	(441.9)	(473.0)	(897.3)
Purchases of concession fixed assets (net of grants received)	(541.1)	(528.2)	(1,166.6)
Ffinancial receivables (PPP contracts and others)	(44.3)	(3.3)	(51.3)
Investments in concession assets and PPP contracts	(585.3)	(531.5)	(1,217.9)
Purchases of shares in subsidiaries and associates (consolidated and unconsolidated)	(82.3)	(145.8)	(479.8)
Proceeds from sales of shares in subsidiaries and associate (consolidated and unconsolidated)	31.2	44.3	95.5
Net effect of changes in consolidation scope	3.2	(44.4)	106.4
Net financial investments	(47.9)	(146.0)	(277.9)
Dividends received from associates and unconsolidated entities	21.9	26.2	30.5
Other	(31.8)	13.7	40.3
NET CASH FLOWS (USED IN)/FROM INVESTING ACTIVITIES - II	(1,085.0)	(1,110.6)	(2,322.4)
Changes in share capital	528.7	290.1	381.3
Changes in treasury shares	0.2	(222.6)	(200.3)
Minority interest in share capital increases of subsidiaries			5.9
Dividends paid
- to shareholders of VINCI SA	(524.7)	(488.5)	(765.1)
- to minority interests	(28.5)	(34.4)	(63.6)
Proceeds from new borrowings	1,223.1	316.3	679.1
Repayment of borrowings and changes in other current financial debt	(490.5)	(336.1)	(1,272.7)
Change in cash management assets	(521.5)	96.4	397.1
NET CASH FLOWS (USED IN)/FROM FINANCING ACTIVITIES - III	186.7	(378.7)	(838.2)
CHANGE IN NET CASH - I + II + III	(184.1)	(513.2)	980.3
Net cash and cash equivalents at beginning of period	4,513.4	3,594.0	3,594.0
Other changes	5.8	(18.6)	(60.9)
Net cash and cash equivalents at end of period	4,335.1	3,062.2	4,513.4
Increase/(decrease) of cash management financial assets	521.5	(96.4)	(397.1)
(Proceeds from)/repayment of loans	(732.6)	19.8	593.6
Other changes	59.0	214.9	(183.4)
Change in net debt	(330.4)	(393.5)	932.5
Net debt at beginning of period	(15,370.8)	(16,303.3)	(16,303.3)
Net debt at end of period	(15,701.2)	(16,696.8)	(15,370.8)

(*) See change of accounting policy applied at 31 December 2008 (see Note B.1.3.1 "IFRIC 12: accounting for concession agreements").

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Last updated: 01/09/2009